Deutsche Bank Downgrading Diamond Foods

Deutsche Bank is downgrading shares of Diamond Foods DMND from Buy to Hold, but is keeping its $76 price target. In a note to clients, Deutsche Bank writes, "Although we believe in the strategic logic behind the Pringles acquisition and management's entrepreneurial approach to the snack category, our view is that recent stock performance and current valuation discounts some of these positives. We lower our opinion but maintain EPS est and $76 target." Shares of DMND lost $1.07 yesterday to close at $76.23.